Last week, I ranted about regulation and the folks who regulate. This week, I would like to follow up on that rant.
As many of you may know by now, PFG founder and CEO Russell Wasendorf Sr. was arrested last Friday. He admitted to making false statements to the Commodity Futures Trading Commission relating to the value of customers segregated funds at PFG. He even said, "I have committed fraud".
According to his own attempted suicide note, he's been embezzling money from the company for the past 20 years. He also stated that all the bank accounts came to him directly, and that it was easy for him to forge those bank statements over that time. Continue reading "Where's The Regulation? - Part 2"